We have audited the accompanying financial statements of Super Fine Knitters Limited, which comprise the
Balance Sheet as at 31 March 2025, the Statement of Profit and Loss and Statement of Cash Flows for the year
then ended, and notes to the financial statements, including a summary of significant accounting policies and other
explanatory information.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the
company as at 31 March 2025, and of its financial performance and its cash flows for the year then ended in
accordance with the with the accounting principles generally accepted in India.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI), and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibility for the Financial Statements
The company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act,
2013, with respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation, and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls with
reference to financial statements in place and the operating effectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the company to cease to continue as a going concern.
5. Evaluate the overall presentation, structure, and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Report on Other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the company so far as it
appears from our examination of those books, except for the non-activation of the audit trail in the
accounting software.
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Accounting Standards prescribed under
section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31 March 2025, taken on
record by the Board of Directors, none of the directors are disqualified as on 31 March 2025 from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the company and
the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with the Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The company has disclosed the impact of pending litigations on its financial position in its financial
statements;
ii. The company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the company.
iv. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 (g)
of the Companies (Audit and Auditors) Rules, 2014, Based on our examination which included test
checks, the company has used an accounting software for maintaining its books of account which has
a feature of recording audit trail (edit log) facility and the same has operated from 1st April 2024
onwards and after that operated throughout the year for all relevant transactions recorded in the
software. Further, during the course of our audit we did not come across any instance of audit trail
feature being tampered with.
2. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in
the “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
FOR R.K Deepak & Co.
(Chartered Accountants)
Reg No. :003145N
Date : 23-05-2025 (SANJIV KHURANA)
Place : LUDHIANA Partner
M.No. : 082873
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